It would be difficult to find one area of business that hasn’t been affected and changed in some way by technology. Some of the more visible areas where technology has had a big impact on are the transportation industry, the medical field, and communications. Now, we are beginning to see some of the ways that technology is impacting the real estate business.
Look up to the sky and you may see a drone. These remotely piloted areal vehicles are experiencing a huge boost in popularity among hobbyists and for commercial uses as well. One such commercial use is in land surveying using drones. These aerial vehicles are expected to revolutionize the entire real estate industry. Drones are considered the perfect tool to conduct a proper and accurate land survey. Expect to see their use increase in the coming years.
Virtual reality seems to be a perfect fit for the real estate business. Through the use of virtual reality prospective home buyers or builders to take virtual tours of properties from a remote location anywhere in the world or look at homes that haven’t even been built yet.
Then there is the incorporation of technology into the homes themselves. In a 2016 survey by the National Association of Realtors (NAR), 42 percent of agents said their clients were interested in smart home devices. Smarter houses sell faster than other houses. Some of the appealing smart home features include smart security, smart lighting, smart appliances, smart thermostats and smart smoke detectors.
Even real estate transactions have been impacted by technology. Blockchain technology has made the real estate transaction a much safer and faster process than it used to be.
Artificial Intelligence is being used to match buyers with agents within minutes of a new listing. A buyer in need – through AI – will be automatically matched with all the relevant listings.
These are just some of the way’s technology is already having an impact on the real estate business.